Understanding Blockchain Priorities

Everyone is looking for the Blockchain implementation without knowing the Understanding Blockchain Priorities and the technology preferences. Now we not only have a single Blockchain where we start implementing our project.  There are a variety of the Blockchain flavors available in the market and every flavur has its own feature and function.

Before selecting the Blockchain you need to understand the difference between the Public & Private Blockchain.

Public Blockchain: There are a variety of Public Blockchain available in the market but few of them are open for you as a developer. Bitcoin is the most popular cryptocurrency who used the Blockchain platform to provide the 1st cryptocurrency to the world. But as developer bitcoin is not open to deploy your data on it. To overcome and provide additional benefit Ethereum came into the market, Ethereum launched on 30 July 2015, which has 72 million coins.

It is the 1st ever platform who provided the smart contract deployment.

Now the next question in your mind is “What is the Smart contract?”

Smart contract is “a computerized transaction protocol that executes the terms of a contract“. It means that you can write your own code which will get store and perform action on Ethereum.

Yes you’re correct that ethereum is that platform where you can deploy, run and Save your data.  And building these application are known as DAPPS ( decentralized applications).

As technology is developing day by day and world is gaining attention towards the Blockchain.

Many of you will think that why Ethereum will save our data, what’s the benefit of this.

The 1st main benefit of Ethereum is gaining the Audience attention. As you all know that who so get popular the demand of that thing will go up.

So indirectly Ethereum prices are going up.  By deploying and running your Dapps.

We all know that there is no free lunches in the world, in case of Deploying your Smart contract you need to pay the Execution cost of Smart contract. The cost is entirely depend on your Smart contract , the Logical Approach you choose for Writing the smart contract.

But as the prices of ethereum going up there  are several other Coins are giving same benefits as the ethereum providing like TOMOCHAIN.  These are very cheap in comparison of Ethereum and proving the same benefits as Ethereum providing it to you.

Public Blockchain mainly provides benefits when you need to have the audience attention in terms of Security, Transparency and immutability.

You can also create your own currency like ethereum. They have open there technology and you can have your own currency in less than 30 minutes.

Private Blockchain:

Apart for this you can also have the Private Blockchain. Private is completely opposite with the Public Blockchain.

This is because of the Functionality of Private Blockchain used to develop the complete system.

In private Blockchain you can’t write, read and audit the data unless you are authorized for it.

Private Blockchains have it’s own owner’s. Owner of the Blockchain is a single entity or an enterprise which can override/delete commands on a Blockchain if needed. That’s why in its true sense it is not decentralized and hence can just be called a distributed ledger or database with cryptography to secure it.

The famous private Blockchain is hyperledger. Hyperledger is an umbrella project of open source Blockchains and related tools, started in December 2015 by the Linux Foundation and supported by big industry players like IBM, Intel, and SAP to support the collaborative development of the Blockchain-based distributed ledgers.

There are several different framework of Hyperledger are: